Weiss Ratings Reaffirms Sell (D-) Rating for MeiraGTx (NASDAQ:MGTX)

Key Points

• Weiss Ratings has reiterated its "Sell (D-)" rating for MeiraGTx (NASDAQ:MGTX), indicating ongoing concerns about the company's stock performance.
• MeiraGTx recently reported an earnings loss of ($0.48) EPS, surpassing analysts' expectations but falling short in revenue, generating only $3.69 million compared to a consensus estimate of $8 million.
• Insider trading activity was noted, with CFO Richard Giroux and CEO Alexandria Forbes selling shares, indicating potential concerns about the company's prospect or current stock valuation.

MeiraGTx (NASDAQ:MGTX - Get Free Report)'s stock had its "sell (d-)" rating reiterated by investment analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

MGTX has been the topic of several other research reports. Wall Street Zen raised MeiraGTx from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Chardan Capital restated a "buy" rating and issued a $35.00 target price on shares of MeiraGTx in a research note on Friday, August 15th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, MeiraGTx has a consensus rating of "Hold" and a consensus price target of $24.00.

MeiraGTx Stock Performance

NASDAQ MGTX opened at $8.26 on Wednesday. The firm has a market cap of $664.52 million, a price-to-earnings ratio of -4.05 and a beta of 1.34. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 26.29. The business has a 50-day moving average price of $7.83 and a 200-day moving average price of $6.96. MeiraGTx has a twelve month low of $3.97 and a twelve month high of $8.98.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.48) EPS for the quarter, topping analysts' consensus estimates of ($0.52) by $0.04. MeiraGTx had a negative return on equity of 314.44% and a negative net margin of 415.39%.The company had revenue of $3.69 million for the quarter, compared to the consensus estimate of $8.00 million. As a group, equities research analysts predict that MeiraGTx will post -1.48 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Richard Giroux sold 24,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $8.52, for a total transaction of $204,480.00. Following the sale, the chief financial officer owned 853,494 shares of the company's stock, valued at approximately $7,271,768.88. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alexandria Forbes sold 47,500 shares of the business's stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $8.39, for a total transaction of $398,525.00. Following the transaction, the chief executive officer owned 1,313,983 shares of the company's stock, valued at approximately $11,024,317.37. The trade was a 3.49% decrease in their position. The disclosure for this sale can be found here. 7.50% of the stock is owned by insiders.

Institutional Investors Weigh In On MeiraGTx

Several hedge funds have recently made changes to their positions in MGTX. Bank of America Corp DE raised its holdings in MeiraGTx by 16.4% during the fourth quarter. Bank of America Corp DE now owns 63,892 shares of the company's stock worth $389,000 after purchasing an additional 9,007 shares in the last quarter. GAMMA Investing LLC raised its holdings in MeiraGTx by 3,606.7% during the first quarter. GAMMA Investing LLC now owns 4,448 shares of the company's stock worth $30,000 after purchasing an additional 4,328 shares in the last quarter. Rhumbline Advisers raised its holdings in MeiraGTx by 6.1% during the first quarter. Rhumbline Advisers now owns 58,227 shares of the company's stock worth $395,000 after purchasing an additional 3,336 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in MeiraGTx by 62.3% during the first quarter. Janney Montgomery Scott LLC now owns 122,220 shares of the company's stock worth $829,000 after purchasing an additional 46,902 shares in the last quarter. Finally, Acuitas Investments LLC purchased a new position in MeiraGTx during the first quarter worth about $286,000. Institutional investors and hedge funds own 67.48% of the company's stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc, a clinical stage gene therapy company, focusing on developing treatments for patients with serious diseases. The company develops various therapies for ocular diseases, including inherited retinal diseases and large degenerative ocular diseases, neurodegenerative diseases, and xerostomia.

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